FAQs

Mortgage payments should not exceed 35% of your monthly income, and overall debt payments (including the proposed mortgage) should not exceed 45%.  You must have satisfactory references from your banking institution and meet the requirements for deposits and closing fees.
For first-time property purchases, the requirement is 5% minimum of the price.  If you are not a first-time purchaser, the deposit is 20% of the purchase price.
Closing costs vary depending on the purchase price and loan amount.  It is recommended that you consult with our mortgage department to get a best estimate of closing costs as they are required to be paid out of pocket.
If you are seeking 95% financing, you are responsible for the closing fees out of pocket.  They cannot be financed with the mortgage.  If you are seeking an equity loan or consolidation of debts, we can request financing to include closing costs provided the loan does not exceed 80% of the value of the collateral pledged, subject to qualifying for the payment.
If you are seeking 95% financing,  we do not consolidate external loan facilities.
Upon receipt of all of the requirements for the mortgage application, a reply can be provided within 7 to 10 working days.
Family Guardian does not provide financial assistance to siblings or parents as co-applicants.  Please consult further with a mortgage representative for more information.
Firstly, you must have your Family Guardian account  information, i.e. policy number, mutual fund number, mortgage account number, etc.  Secondly, if you bank with RBC, CB, or Scotiabank, just call your personal banker to set you up for online banking services. FCIB clients can use their personal personal banking online option and choose Family Guardian as a Payor.
We allow one business day for credit to your account.
Yes, it is possible.  A pre-authorized form must be completed in person.  A valid government approved ID will be needed along with your credit/debit card.
Yes, it is possible.
Upon receipt of the deduction, there is a 48-hour turnaround time for processing.
This facility is available at our Nassau locations (Family Guardian Financial Center, Marathon District, Chippingham District and Carmichael District) and our Freeport Sales Office.  
The drop box is cleared every working day. Processing is done daily.
This is a method of payment that directly debits your bank account.
An authorization form must be completed in the presence of a Family Guardian representative. This form includes your banking information. Once the form is completed, it is processed by our Premium Processing Department and payments can start immediately.  
Your bank account is debited immediately
Mailing of policy anniversary and annuity statements Mailing of payment reminder, late payment, lapse, loan interest, and automatic premium loan interest notices Processing and recording beneficiary changes and assignments Completion of bank inquiry forms Processing policy reductions, conversions,  cancellation of benefits, and riders Issuance of duplicate contracts and policy certificates Name correction Address changes
A beneficiary is the person or entity named by the policy owner to receive the proceeds of an insurance policy upon the death of the insured.  If no beneficiary is named, the proceeds are paid to the Estate of the insured.
There are two types of beneficiary designations: revocable or irrevocable.  Certain designations such as spouse and children are mandated by law to be irrevocable based on the issue date of the contract.  The policy owner cannot change the beneficiary without their consent.  The signature of the irrevocable beneficiary is also required on policy assignments, loans and surrenders in order for these to be processed. A revocable beneficiary can be changed by the policy owner at any time without the consent of the beneficiary by completing a change of beneficiary form.  Changes should be requested on relevant forms provided by Family Guardian and when filed and recorded the change will take effect on the date of the request provided no death claim payment was made before the change was recorded.
An assignment transfers ownership to a third party while the assignment is in effect.  A bank or other financial institution may require life insurance as a condition for a loan. Policy assignments can be processed for the sum insured provided the policy is paid current and the signature of the irrevocable beneficiary, if any, is obtained.  Assignment forms are typically provided by the financial institutions and when completed should be submitted to Family Guardian  for processing.
Assignees can be removed at any time with the written consent of the assignee.
Loans are not granted against term policies as they have no savings features, i.e., cash value or dividends.
Interest will be charged at such rate as Family Guardian determines from time to time.  Interest will be payable in advance on each policy anniversary and is added to the loan amount.
If the policy loan plus interest equals or exceeds the cash  value at any time, the policy will terminate and become void 31 days after  Family Guardian mails a notice of lapse to the last known address of the owner or any assignee on record.
A loan may be repaid in full at any time while the policy is in force.
Participating policies accumulate dividends that may be withdrawn at any time unless they have been applied under the policy loans and indebtedness or guaranteed values provisions of the policy. A dividend withdrawal form must be completed for processing.
Once the first premium has been paid, a grace period of 31 days is allowed to pay each subsequent premium.  During this grace period, the policy will be in force.  If the insured dies during the grace period, the unpaid premium will be deducted from the proceeds.
When a premium due is not paid by the end of the grace period, the policy will lapse unless there are values on the policy stipulated in the non-forfeiture values.
A lapsed policy can be reinstated as per the terms of the contract.  This reinstatement is subject to (1) the insured providing satisfactory evidence of insurability to the Company, (2) payment of all past due premiums, and (3) payment or reinstatement of any loan on the policy.  If the evidence provided is not accepted or found not to be satisfactory by the Company, all monies paid for this transaction will be refunded to the owner and the policy reinstatement is declined.
Upon completion of the respective Company form declaring that the policy was lost or misplaced and payment of the processing fee, a duplicate policy will be provided.
Upon completion of the respective Company form and payment of the processing fee, a certificate will be provided.